Midday Fly By: Supreme Court strikes down Trump tariffs

The major averages were mixed near midday after the Supreme Court ruled against President Donald Trump’s tariffs, resulting in stock spikes for retailers and other names that have had to deal with major impacts from rising import and manufacturing costs. The court determined that the International Emergency Economic Powers Act “does not authorize the President to impose tariffs.”

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Looking to commodities, gold was trading higher noon, while oil was fractionally lower amid continued tensions with Iran.

Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.

1. STOCK NEWS:

• Nvidia (NVDA) is close to finalizing a $30B investment into Microsoft-backed (MSFT) OpenAI, FT reports
• Akamai (AKAM) reported better-than-expected Q4 results and provided its outlook for Q1 and FY26
• Grail (GRAL) reported upbeat Q4 earnings and revenue and reported its NHS-Galleri trial missed the primary endpoint
• Domo (DOMO) said it will explore strategic alternatives, including a potential sale of the company
• Live Nation (LYV) reported better-than-expected Q4 revenue

2. WALL STREET CALLS:

• Etsy (ETSY) upgraded to Overweight at Barclays
• HSBC (WMT) to Hold on lack of momentum
• GE Aerospace (GE) initiated with an Overweight at Morgan Stanley
• CoStar Group (CSGP) upgraded to Buy at Jefferies
• Wells Fargo (MOH) after “quite poor” Q4

3. AROUND THE WEB:

• A federal judge has denied Tesla’s (TSLA) attempt to overturn a $243M jury verdict related to a fatal 2019 Autopilot crash in Florida, upholding the ruling and ending the company’s last avenue to avoid paying the award at the trial court level, Electrek says
• Amazon (AMZN) has surpassed Walmart (WMT) as the U.S.’s largest company by annual revenue, with Walmart making $713.2B in sales in the year through January 31 compared to Amazon’s $716.9M during the same period, WSJ reports
• Accenture (ACN) has begun monitoring staff use of AI to determine how it decides top-level promotions as the company pushes its employees to use the technology, FT reports
• After hundreds of layoffs in early February, employees at Block (XYZ) are reporting rising performance anxiety, mandatory use of generative AI tools, and declining morale, Wired says
• Roblox (RBLX) is facing a lawsuit from Los Angeles County alleging the company engaged in unfair and deceptive practices that exposed children to sexual content and online predators, NBC LA reports

4. MOVERS:

• RingCentral (RNG) increases after reporting Q4 results and providing guidance for Q1 and FY26
• Satellogic (SATL) gains after Cantor Fitzgerald initiated coverage of the stock with an Overweight rating
• Tandem Diabetes (TNDM) and AXT Inc. (AXTI) higher after reporting quarterly results
• Chemours (CC) falls after reporting quarterly results and providing guidance for Q1 and FY26
• Ardelyx (ARDX) and Dnow (DNOW) lower after reporting Q4 results

5. EARNINGS/GUIDANCE

• PPL Corp (PPL) reported Q4 results and provided guidance for FY26
• Oil States (OIS) reported Q4 results, with EPS beating consensus
• Western Union (WU) reported Q4 results, with CEO Devin McGranahan commenting, “Despite a challenging operating environment in 2025, we delivered meaningful progress across the business”
• Danone (DANOY) reported Q4 results, with revenue missing consensus
• Hudbay Minerals (HBM) reported Q4 results, with EPS and revenue missing consensus

INDEXES:

Near midday, the Dow was down 0.22%, or 107.86, to 49,287.30, the Nasdaq was up 0.41%, or 92.65, to 22,775.38, and the S&P 500 was up 0.18%, or 12.08, to 6,873.97.